Financial wellness is a bit of a conundrum. Its roots are in a person’s wallet, but when things go wrong, it can impact their health. As a result, employee benefit programs that don’t include a financial component may not be addressing a critical impediment to wellness.
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Most retirement professionals agree that automatic plan features, such as automatic enrollment, contribution escalation, and reenrollment, increase plan participation and participant deferral rates. You’ve read the studies and have probably seen the improvement first-hand with the plans you advise.